(a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 2% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 10 years by using her brother-in-law's bank?
(a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 2% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 10 years by using her brother-in-law's bank?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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One more thing I have posted 3 questions before this one but I did not get any answer of any one of them i want my questions back
Transcribed Image Text:A woman deposits $9000 at the end of each year for 10 years in an account paying 3% interest compounded annually.
(a) Find the final amount she will have on deposit.
(b) Her brother-in-law works in a bank that pays 2% compounded annually. If she deposits money in this bank instead of
the other one, how much will she have in her account?
(c) How much would she lose over 10 years by using her brother-in-law's bank?
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